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Transcribed Image Text:25. Replacement Cost and Actual Cash Value are two different bases of indemnification for loss.
Which (1) ONE of the following statements is INCORRECT?
A. Actual Cash Value is the depreciated value shown in the Balance Sheet of a Financial
Statement.
B. Replacement Cost is usually paid only when replacement of the damaged property has bee
completed.
/
C. Replacement Cost is a "new" value but Actual Cash Value is a "used" value.
D. Both values must be based on items of like kind and quality to the damaged property
26. An insurer wishing to terminate an insurance policy may do so by:
A. Ordering the broker to issue a registered letter of cancellation. X
tion by registered mail and refunding the unearned premiur
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